T-Mobile US has launched a new financial service that it’s calling ‘Mobile Money by T-Mobile’.
It combines an Android or iOS app with a Visa prepaid card that has no monthly maintenance fee and no charge for many ATM withdrawals. In addition, customers can pay cheques into their account via a bank or by taking a photo of the cheque with their smartphone camera.
John Legere, president and chief executive officer of T-Mobile, said “We’ve already transformed how Americans use and pay for phones, tablets and wireless service; why stop there? Millions of Americans pay outrageous fees to check cashers, payday lenders and other predatory businesses - just for the right to use their own money. Mobile Money shifts the balance of power for T-Mobile customers and keeps more money in their pockets.”
The card will be issued in partnership with The Bancorp Bank in the USA.